MetisDAO (DAO) is yet another effort to cash in on DAOs, DApps, DeFi, NFTs, the Gig Economy, and freelancing with an Ethereum Layer 2 Layer Rollup Platform.
A Layer 2 Rollup is an extra layer they add to the Ethereum (ETH) blockchain. Metis is a decentralized autonomous organization (DAO) building a layer 2 rollup platform for Ethereum.
They claim the MetisDAO can offer lower transaction costs, higher transaction feeds, more functionality, easy usability, and native storage. Layer 2 can provide these amenities because it offers more space and capacity than Ethereum. That offers more speed and versatility.
Developers are interested in Layer 2 Networks because they are faster than traditional Ethereum. Traditional Ethereum is slow because its processing capacity is small. For example, ethtps estimates Ethereum was processing 11.237 transactions per second (TPS) on 20 June 2022.
The MetisDAO Layer 2 Rollup
The Metis Layer 2 Rollup offers solutions for DAOs, decentralized applications (DApps), decentralized finance (DeFi), nonfungible token (NFT) minting and trading, support for freelance businesses, support for social reputation businesses, Gig Economy solutions, sharing economy solutions, community economy solutions, support for open source projects, support for volunteer projects, and a developers community.
Metis is compatible with Ethereum Layer 1 and the Ethereum Virtual Machine (EVM). The EVM is the digital computer that runs the Ethereum blockchain. They claim integrating smart contracts on the Metis Layer 2 network can take less than a day because of EVM equivalence.
Fast integration is important because smart contracts are the digital robots that operate many blockhain constructs, including NFTs, Stablecoins, and synthetic investments.
What is MetisDAO?
They claim Metis makes it easier to launch DApps than Zk rollups. For example, they claim the Metis DApps are easier to access, cheaper, and faster than Zk rollups. They built Metis to kickback 30% of transaction revenue collected to the DApps they deploy on the Andromeda Layer 2 network.
They launched Metis’s Andromeda Layer 2 mainnet on 19 November 2021. They claim the Metis Andromeda Layer allows the launch of decentralized businesses and DApps with no code middleware and no gas fees.
The partners on the Metis Ecosystem include Netswap, Metacraft, the Standard Protocol, Bcharity, the PolyNetwork, the Trustee Wallet, Celer, BoringDAO, Relay Chain, DeBank, Tethy’s Finance, DIA, iMe Wallet, Pickle Finance, Multichain, Beefy.Finance, Aragon, Agora, Chartex, MetisSafe, Gift Card, Starstream, Dracma, Slavicoin, Hermes, Alium, TofuNFT, StarLeder, Metauce, and the Synapse Protocol.
The MetisDAO Platform
The MetisDAO will use community ecosystem governance (CEG), a snapshot voting system that will allow members to vote on projects, to govern Metis. Thus, Metis uses Optimistic Governance or no governance.
The MetisDAO decentralized framework comprises a Community portal, a content creation, digital publishing, a Constitution, Administrative tools, Content Templates, Workflows, Optimistic Governance, Platform Development, Content Management, Smart Contracts, a Microservice Engine, the Metis Virtual Machine, and a Blockchain Ledger.
The Metis Virtual Machine allows developers to create Transactions Smart Contracts (TSC), Microservice Tools, and Metistaking contracts. They claim Metis allows for Social Contracts and Reputation Power (RP) allowed decentralized business credentials built on staking and collaboration track records.
Metis is an ambitious Layer 2 Network. However, I see no evidence any DApp or smart contract is functioning on Metis’s Layer 2 network.
What Value does MetisDAO have?
There is a strong interest in the MetisDAO (METIS). METIS was CoinMarketCap’s third-most trending cryptocurrency 18 June 2022.
In contrast, CoinMarketCap named MetisDAO the 280th largest cryptocurrency, with a $16.476 Coin Price on 20 June 2022. MetisDAO (METIS) had a $71.393 million Market Capitalization, a $164.567 million Fully Diluted Market Cap, and a 24-Hour Market Volume of $14.868 million on 20 June 2022. They based those numbers on a Circulating Supply of 4.388 million METIS, a Maximum Supply of 10 billion METIS, and a Total Supply of 5.410 billion METIS.
Meanwhile, Coinbase gave the MetisDAO a $16.51 Coin Price, a $71.4 million Market Capitalization, and a 24-hour Market Volume of $14.9 million METIS on 20 June 2022. They based those numbers on a Circulating Supply of 4.3 million METIS. Coinbase MetisDAO an all-time high Coin Price of $323.
In the final analysis, I consider MetisDAO an interesting protocol speculators need to watch. I think METIS could make money if the DApps on MetisDao’s Layer 2 start making money. Until that happens, speculators need to avoid the MetisDAO.